OVER the five trading sessions from Nov 22 to 28, institutions were net buyers of Singapore stocks, resulting in a net institutional inflow of S$188 million, reversing the net outflow of S$38 million observed over the five preceding sessions up to Nov 21.
Stocks that led the net institutional inflow over the five sessions to Nov 28 were Yangzijiang Shipbuilding Holdings, OCBC, Keppel, CapitaLand Integrated Commercial Trust, Singapore Exchange, UOB, Seatrium, Jardine Matheson Holdings, Eneco Energy and Thai Beverage.
Meanwhile, Singtel, Frasers Logistics & Commercial Trust, CapitaLand Investment, Singapore Airlines, AEM Holdings, Hongkong Land Holdings, Frasers Centrepoint Trust, Sembcorp Industries, Keppel Real Estate Investment Trust (Reit) and ESR-Logos Reit led the net institutional outflow.
From a sector perspective, the five sessions saw industrials and financial services book the most net institutional inflow, while telecommunications and Reits booked the most net institutional outflow.
The five sessions also saw 22 primary-listed companies conduct buybacks for a total consideration of S$44.8 million, up from the S$27.6 million in the preceding five sessions.
On Nov 28, DBS bought back 350,000 shares at an average price of S$42.04 per share for a total consideration of S$14.7 million. This represented 0.01 per cent of its issued shares (excluding treasury shares).
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The five trading sessions saw more than 70 director interests and substantial shareholdings filed for more than 30 primary-listed stocks.
Directors or chief executive officers filed 21 acquisitions and two disposals, while substantial shareholders filed six acquisitions and two disposals.
Cortina Holdings
On Nov 22, Lim Keen Ban Holdings acquired 1.6 million shares of Cortina Holdings at S$2.90 per share. This increased its substantial shareholding in Cortina Holdings above the 34 per cent threshold, from 33.74 per cent to 34.7 per cent.
Lim Keen Ban Holdings increased its direct interest above the 33 per cent threshold in April 2024, and above the 32 per cent threshold in October 2023.
Executive chairman Anthony Lim, group CEO and executive director Raymond Lim, group chief operating officer and executive director Jeremy Lim are deemed interested in the shares held by Lim Keen Ban Holdings through LKB Private Trust Company.
The acquisition saw Cortina Holdings rank as the 12th stock that booked the highest net institutional inflow for the five sessions. The group operates more than 40 boutiques in markets such as Singapore, Malaysia, Thailand, Indonesia, Hong Kong, Taiwan and Australia.
On Nov 12, Cortina Holdings reported that its revenue for the first half of the 2025 financial year (ended Sep 30) increased by 5.5 per cent from H1 FY2024 to S$413 million, but the gross profit margin slightly decreased to 32.2 per cent.
Despite higher operating expenses due to increased rental and depreciation costs, the group maintained a healthy balance sheet with total equity of S$418.3 million, though H1 FY2025 profit after tax fell 8.6 per cent from the corresponding period in the previous year to S$31.1 million.
Wilmar International
Between Nov 22 and 28, Wilmar International chairman and CEO Kuok Khoon Hong increased his deemed interest in the global agri-business by 4,306,300 shares.
This increased his total interest from 14.22 per cent to 14.29 per cent. The shares were acquired between S$3.08 and S$3.04 per share over the five sessions.
Kuok has been gradually increasing his total interest in Wilmar from 12.94 per cent in October 2022.
Raffles Medical Group
Between Nov 22 and 27, Raffles Medical Group executive chairman Loo Choon Yong acquired 2.4 million shares at an average price of S$0.859 per share. This increased his total interest from 55.5 per cent to 55.63 per cent.
Since February, Dr Loo has gradually increased his total interest in the stock from 53.02 per cent.
As the leading integrated private healthcare provider in Asia, the group operates in 14 cities across five markets with four hospitals and more than 100 clinics, serving 2.8 million patients annually. The Raffles hospitals segment includes the group’s flagship private tertiary hospital in Singapore, as well as a growing network of medical facilities in Singapore, China and Vietnam, including Raffles Hospital Chongqing, Raffles Hospital Shanghai, Raffles Hospital Beijing, and American International Hospital.
Back in Jul 29, the group reported that the revenue from Raffles hospitals grew in both Singapore and China in H1 FY2024. The group noted that, earlier this year, it had added 176 beds to its capacity and started receiving patients to support the the Ministry of Health’s transitional care facilities (TCF) programme.
Under the TCF programme, the group also continues to operate step-down care facilities at Singapore Expo, in addition to TCF at Raffles Hospital Singapore.
Oiltek International
On Nov 25, the Ginko-AGT Global Growth Fund, managed by AGT Partners, became a substantial shareholder of Oiltek International, with the acquisition of 25,200 shares boosting its direct interest from 4.98 per cent to 5 per cent.
The fund, launched in February 2019, employs three investment strategies: long-term investments, short-term active trading, and a quant-driven multi-factor approach.
The fund manager maintains an objective to double its net asset value every four years with an average annual return of 20 per cent. Presently, around 75 per cent of the fund’s assets under management are dedicated to long-term, concentrated investments. The Ginko-AGT Global Growth Fund is also a substantial shareholder of Beng Kuang Marine.
Oiltek International is an established integrated process technology and renewable energy solutions provider for the global vegetable-oils industry. On Nov 19, the group reported that its revenue for the third quarter of FY2024 increased 14.5 per cent from Q3 FY2023 to RM67.60 million (S$20.4 million), driven by gains in the edible and non-edible oil-refinery as well as the product sales and trading segments.
Meanwhile, gross profit surged by 75.2 per cent to RM19.91 million, with a margin increase to 29.5 per cent due to improved profitability in the edible and non-edible oil-refinery segment.
Oiltek International maintains that its revenue and profit growth have been driven by its asset-light business model, strong management, and engineering capabilities.
The group noted that it benefits from the rising global demand for vegetable oils, its comprehensive service range across the value chain, a strong financial position, and its recent geographical expansion into Latin America and Africa.
It is also confident in the long-term outlook of the edible and non-edible oil-refinery segment, citing industry projections that the global fats and oils market is expected to grow from US$257 billion in 2023 to US$403 billion by 2033 at a 4.6 per cent compound annual growth rate.
The group also said that that its renewable energy segment will benefit from the increased biodiesel mandates in Indonesia and Malaysia, and the aviation industry’s shift to sustainable aviation fuel.
While Oiltek International listed in early 2022, it has over 40 years of experience in vegetable and edible-oil process engineering. The group noted recently that it also aims to create recurring income streams through strategic investments, mergers, acquisitions, joint ventures, and alliances.
Wing Tai Holdings
Wing Tai Holdings chairman and managing director Cheng Wai Keung has continued to build his deemed interest in the company, with his spouse Helen Chow acquiring shares.
Between Nov 22 and 28, Cheng has increased his deemed interest in the leading real estate developer and lifestyle retailer by 230,000 shares.
He maintains a 61.58 per cent total interest in the company.
Bonvests Holdings
On Nov 25, Bonvests Holdings executive chairman Henry Ngo acquired 101,000 shares at an average price of S$0.90 per share. The acquisitions were made through Allsland, which is wholly owned by Ngo.
His total interest in Bonvests Holdings is 84.75 per cent. His preceding acquisitions were in September and June. Ngo has gradually increased his total interest in the group from 82.93 per cent in August 2018.
In August this year, Bonvests Holdings reported that its H1 FY2024 revenue increased 3.4 per cent to S$108.991 million from H1 FY2023, driven by higher revenue from the industrial division.
However, earnings before interest, tax, depreciation and amortisation (Ebitda) decreased by 8.5 per cent to S$21.68 million due to higher operating expenses from the hotel division. The group reported a loss before taxation of S$1.91 million, mainly due to higher finance costs, depreciation, and lower Ebitda.
The five revenue segments of the group span rental, hotel, industrial, investment and property development.
Bonvests Holdings expects its rental division to remain stable, while the hotel division faces challenging market conditions despite industry recovery, with ongoing construction in the Medina of Tunis, Tunisia, scheduled for completion by mid-2026.
The industrial division has improved financial results, but continues to face challenges from market competition and rising costs, while the investment division’s performance will be influenced by stock-market volatility; the development division currently has no active projects.
The writer is the market strategist at Singapore Exchange (SGX). To read SGX’s market research reports, visit sgx.com/research.
